Happy New Year all. Given the pace of change in the market we thought it might help to share a few predictions for 2024 and beyond:
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There has been a huge amount of speculation about Generative AI and the affect it will have on different suppliers. Some have predicted it will mean the death of document automation and precedents.
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I am hugely excited about the potential of Generative AI in legal. We have worked on some really fascinating projects which could be game changing with more in the pipeline. I am however trying to approach this area with some realism. From some comments I have heard however some run the risk of making school boy/girl errors which I would prefer we avoid as a profession.
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Anyone who tells you they know exactly where Generative AI is taking us is either fibbing or very naïve. This area is changing rapidly and we are seeing developments by the day.
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We appear to be entering the era of 5th generation law (analogue, 1st gen technology, new business models, digital and now AI). We are now seeing the explosive growth of ChatGPT4 and Generative AI. ChatGPT is already one of the fastest adopted technologies of all time with the take up being 100 million users within two months and around 1.2 billion users by March 2023.
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At the risk of stating the obvious Microsoft 365 is gaining huge momentum. It now has in excess of 345 million users. The last reported turnover for Microsoft for the 12 months ending 31 December 2022 is $204.094 billion with $139.110 billion gross profit. As many are discovering it also has huge capability: the Power Platform, embedded AI, Yammer, Digital Dictation, Power BI but to mention a few.
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